Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Components of the Provisions for Income Taxes Attributable to Operations

Significant components of income taxes attributable to operations consist of the following:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Current
Federal	$	(9.4)	$	(3.1)	$	64.6
State	1.9		14.9		28.4
International	33.8		28.9		16.5
Total current	26.3		40.7		109.5
Deferred
Federal	(37.7)		37.1		0.5
State	(3.2)		4.2		0.1
International	7.2		1.6		(3.9)
Total deferred	(33.7)		43.0		(3.4)
Income tax (benefit) provision	$	(7.4)	$	83.7	$	106.1

Schedule of Deferred Tax Assets and Liabilities

The Company's net deferred tax liability consists of the following:


	December 31,
	2022		2021
	(As Restated)		(As Revised)
Deferred tax assets
Federal losses carryforward	$	14.8	$	7.6
State losses carryforward	13.0		5.9
R&D carryforward	18.4		16.6


Stock compensation	10.4		9.1
Foreign losses carryforward	9.1		10.2
Deferred revenue	2.0		0.4
Inventory reserves	10.9		3.2
Lease liability	4.7		6.6
IRC 263A capitalized costs	5.2		4.0
Capitalized R&D	27.3		—
IRC 163(j) Interest Limitation	7.9		—
Other	1.2		6.0
Gross deferred tax assets	124.9		69.5
Valuation allowance	(65.1)		(27.3)
Total deferred tax assets	59.8		42.2
Deferred tax liabilities
Fixed assets	(63.6)		(75.9)
Intangible assets	(46.1)		(47.6)
Right-of-use asset	(4.5)		(6.3)
Foreign Withholding Tax	(4.7)		—
Other	(0.7)		(0.9)
Total deferred tax liabilities	(119.6)		(130.7)
Net deferred tax liabilities	$	(59.7)	$	(88.5)

Reconciliation of Income Before the Provision for Income Taxes

Income taxes differ from the amount of taxes determined by applying the U.S. federal statutory rate to income before taxes as a result of the following:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
U.S.	$	(442.6)	$	100.1	$	368.2
International	224.0		203.3		43.7
Earnings (Losses) before taxes on income	(218.6)		303.4		411.9
Federal tax at statutory rates	$	(46.0)	$	63.5	$	86.5
State taxes, net of federal benefit	(13.5)		14.1		23.7
Impact of foreign operations	(7.2)		(18.7)		(7.7)
Change in valuation allowance	37.8		8.2		1.6
Tax credits	(3.5)		(4.7)		(7.4)
Stock compensation	4.7		(3.9)		(6.3)
Goodwill Impairments	1.8		8.3		—
Adjustment of prior year taxes	(1.8)		0.8		(2.2)
Transaction costs	—		0.1		6.0
Compensation limitation	0.7		2.9		2.2
Unrecognized tax benefit	(9.0)		1.2		2.2
GILTI, net	20.7		13.0		5.4
Foreign withholding tax	4.7		—		—
Permanent differences	3.2		(1.2)		2.1
Income tax (benefit) provision	$	(7.4)	$	83.7	$	106.1

Schedule of Unrecognized Tax Benefits Activity

The table below presents the gross unrecognized tax benefits activity for the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31,
	2022		2021		2020
	(As Restated)		(As Revised)		(As Revised)
Gross unrecognized tax benefits, beginning of period	$	12.7	$	12.2	$	8.9
Increases (decreases) for tax positions for prior years	(1.5)		0.3		—
Increases for tax positions for current year	0.7		0.2		5.1
Settlements	—		—		(1.8)
Lapse of statute of limitations	(5.1)		—		—
Gross unrecognized tax benefits, end of period	$	6.8	$	12.7	$	12.2